Levloan investors fête Dell, eclipsing high yield market

The leveraged loan market flexed its muscles this week as investors scrambled for US computer maker Dell’s covenant-lite loans. Not only did levloan investors out-compete bond investors, so that a bond tranche was replaced with a loan, but the demand showed just how eager European investors can be for cov-lite paper, although some of the interest will have come from the US.

  • By Jon Hay
  • 25 Sep 2013

The company has raised $7.1bn of transatlantic cov-lite loans to back its buyout by founder and CEO Michael Dell and private equity firm Silver Lake Partners.

The deal includes the largest euro cov-lite tranche this year. This euro tranche, allocated early on Wednesday, was added to the debt ...

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1 BNP Paribas 13,295 25 18.56
2 Bank of America Merrill Lynch (BAML) 8,059 25 11.25
3 Lloyds Bank 6,979 21 9.74
4 Citi 6,256 16 8.73
5 JP Morgan 5,220 8 7.29

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4 Wells Fargo Securities 77,934.65 225 8.18%
5 Credit Suisse 63,570.21 165 6.67%